The Globe and Mail reports in its Tuesday, May 26, edition that Barrick Gold's $550-million cash sale of its Cowal mine in Australia to Evolution Mining is a favourable outcome, says Raymond James analyst Phil Russo (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that Mr. Russo says the deal brings a 37-per-cent premium on his carrying value of the asset. Based on the sale, Barrick has achieved 24 per cent of its debt-reduction target of $3-billion, says Mr. Russo. With the potential sales of 50 per cent of its Zaldiva facility in Chile, 100 per cent of Porgera mine in Papua New Guinea and its 50-per-cent interest in Kalgoorlie Consolidated Gold Mines as well as projected cash flows, he forecasts Barrick is on schedule to reach $2.7-billion in debt reduction. Assuming projected asset sales and fulfilment of those reduction targets, Mr. Russo estimates that Barrick's net asset value per share for 2016 will decline by 3 per cent from 2015 (from $5.12 to $4.99) and its cash flow per share by 10 per cent (from $2.71 to $2.41). Mr. Russo rates Barrick "market perform." He targets the shares at $15.50. Analysts on average target the shares at $14.91.